US President Donald Trump has signed an executive order declaring a national emergency to protect revenues from Venezuelan oil sales held in the United States, following the removal of former president Nicolás Maduro, the White House has announced.
According to a fact sheet released on Friday, the order is intended to advance US foreign policy objectives by safeguarding Venezuelan oil proceeds deposited in US Treasury accounts from court actions or creditor claims. The White House said the move was necessary to protect US national security interests and support economic and political stability in Venezuela.
The executive order comes amid renewed US efforts to unlock Venezuela’s vast oil potential. Trump, who has repeatedly stated that access to Venezuela’s oil reserves is central to his strategy to lower domestic fuel prices, met with leading oil executives in Washington on Friday to encourage investment in the South American country. The response, however, was cautious, with ExxonMobil’s chief executive describing Venezuela as “uninvestable” without major reforms.
ExxonMobil and ConocoPhillips exited Venezuela in 2007 after refusing demands by then-president Hugo Chávez for majority state control. Both companies have since pursued legal action to recover billions of dollars they claim Venezuela owes them. Chevron remains the only US company currently licensed to operate in the country.
The White House explained that the emergency declaration places Venezuelan oil revenues under special protection to prevent seizure through judicial processes. “President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical US efforts to ensure economic and political stability in Venezuela,” the fact sheet stated.
Venezuela, which has been under US sanctions since 2019, holds nearly 20 per cent of the world’s proven oil reserves and was once a major supplier of crude to the United States. However, years of sanctions, underinvestment and embargoes have sharply reduced output. In 2024, the country accounted for just about one per cent of global crude production, according to OPEC.
The executive order was issued one week after US forces carried out a nighttime operation in Caracas that led to the arrest of Maduro and the deaths of dozens of Venezuelan and Cuban security personnel.
AFP
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